Walgreens Will Close 76 Unprofitable Stores

Walgreens Co. (Deerfield, Ill.) has announced plans to close 76 unprofitable stores by August as part of a plan to save $40 million to $50 million per year.

The nation’s largest drugstore chain declined to specify the locations, but said “spread across the country.” Walgreens said it will confirm the closures in the coming months after it notifies employees.

According to a report in the Chicago Tribune, most of the stores have had other Walgreens locations open in the same area, or have seen real estate values decline since they’ve opened.

Even with the closings, said ceo Greg Wasson, the company still plans to have a 55-75-store net increase by the end of 2014. Wasson said the move affects less than 1 percent of its locations nationwide and is part of an effort to “optimize our footprint and ensure our stores remain at the best corners of America.”

The retailer operates 8210 stores nationwide, 138 more than a year ago.